More crypto jobs ought to think about utilizing a blockchain-based equivalent to airline company miles to grow their user base and power their economies, according to executives from equity capital company a16z.
In a report released on Thursday, a16z mentioned that a person of crypto’s most underappreciated token types is called “game tokens.”
These tokens keep a fairly steady worth within a particular software application or item community, comparable to airline company miles benefits, charge card points or in-game currencies. They allow users to carry out particular functions within that community, instead of being held for speculation.
” Though game tokens aren’t for every single usage case, they represent a vital foundation in the development of crypto networks.”
” Simply as stablecoins open brand-new kinds of commerce, and network tokens allow decentralized value-sharing and governance, game tokens can power digital economies at scale,” stated a16z scientist Scott Duke Komimers, primary innovation officer Eddy Lazzarin and others.
Game token use
One such task, according to a16z, is the hospitality-tech start-up Blackbird and its native $FLY token. The task introduced a Web3 payments platform for dining establishments in mid-2024, with $FLY developed to reward users and stimulate adoption of the service.
” Blackbird’s $FLY token permits users to redeem it in any getting involved dining establishment, which redemption habits is handled on a purpose-built blockchain layer powered by a network token,” the report checks out, as it indicated other usage cases:
” A decentralized computing network might, for instance, utilize a network token for security and rewards amongst calculate suppliers, while utilizing a game token to develop network impacts amongst the client base.”
” Regular leaflet miles and benefits points, for instance, can motivate brand name commitment and be utilized to make flight and upgrade purchases; digital gold can let you purchase or offer products in a computer game,” they described, including:
” Rather of giving holders ownership rights in the underlying community, game tokens grant holders the capability to gain access to or utilize particular applications or services; most importantly, their market price is developed to be programmatically bounded“
The report likewise argued that game tokens can supply crucial energies for “spend-centric economies or physical-world combinations.”
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A few of the advantages of utilizing game tokens consist of rate stability and functionality, that make it simple for users to comprehend what they’re investing, just accounting, and streamline tokenomics for providers.
Stablecoins and other properties vs game tokens
The report likewise highlights that while stablecoins can be utilized for comparable functions, the versatile characteristics of game tokens present other chances.
For instance, providers can basically “print game tokens as needed” to support community development, such as grants, user and designer aids, while likewise motivating users to remain within the economy, rather of investing the funds in other places.
Nevertheless, the report describes that not every task requires to utilize them, as they do not have energy in speculative environments or when a network or platform currently has a reputable token and community.
” For instance, layer one blockchain networks that have their own network tokens normally do not require game tokens to operate,” they argued.
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Source: Coin Telegraph.
